As a seasoned researcher with a penchant for all things cryptocurrency, I must admit that the current bullish wave sweeping through the market has me both exhilarated and cautious. The surge of Solana (SOL) to an all-time high of $262, a 27% weekly increase, is a testament to its growing potential. However, the ongoing talks about a potential Solana ETF in the US have me reminiscing about the Dotcom bubble days – where excitement often outpaced fundamentals.
Several significant alternative coins are joining the upward trend along with Bitcoin. Notably, Solana (SOL), currently ranked fourth in terms of market capitalization, has reached an all-time peak at $262. Over the past week, its value has increased by approximately 27%.
The value of SOL tokens is climbing upwards due to increasing chatter about potential Exchange Traded Funds (ETFs). On Tuesday, it was disclosed that discussions are underway between SEC staff and prospective issuers aiming to introduce a U.S. based Solana ETF. There’s an air of optimism that this ETF could receive SEC approval in the upcoming year. As a result, trading platforms are anticipated to submit their 19b4 filings shortly.
According to information from CoinGecko, the foremost digital currency, Bitcoin, has reached a fresh peak at $99,261.
According to U.Today, Mike Novogratz, CEO of Galaxy Digital, expressed his belief that Bitcoin reaching $100,000 is unavoidable. Yet, he cautioned that the cryptocurrency market may undergo a price adjustment because of excessive leverage.
According to current predictions on Polymarket, there’s a strong likelihood, approximately 91%, that Bitcoin will exceed the highly sought-after $100,000 mark in November.
2024 saw Ethereum (ETH), a significant player in the cryptocurrency market, struggling to match the performance of its top rival. However, it’s recently garnered some attention from investors as the flagship altcoin has witnessed an increase of over 8% within the last 24 hours.
David Cox, who works as a portfolio manager at Raymond James, points out that even though Ether has recently shown some growth, it’s still trending downward compared to Bitcoin.
Additionally, it’s worth mentioning that Cardano (ADA) and Stellar (XM) have shown impressive growth. Specifically, they have increased by 12% and 19.7% respectively.
Based on data from analytics platform Santiment, it’s predicted that if the price of Bitcoin stays above $95,000, profits will likely keep shifting towards alternative cryptocurrencies (altcoins) throughout November.
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2024-11-22 09:23